The Hindu Business Line : PepsiCo to increase focus on India

New Delhi/ Mumbai, Nov. 10 Global beverages major PepsiCo said on Tuesday that India is one of its top three markets in the world. Speaking at a CII event, Ms Indra Nooyi, the global Chairman and Chief Executive Officer of PepsiCo, said, “For food processing companies like us, India represents the top three markets in the world.”

Ms Nooyi added that the company would continue to focus on products and solutions with a focus on India. “You cannot just import Western solutions to India. You have to crack solutions which are right for India, right for the people, right for the country and right for the farmers.”

The PepsiCo chief said that India had been selected as the venue for this year’s annual board meeting of the multinational to familiarise the directors with the situation in India.

“I think it is going to be a historic board meeting. We have to show the board members the glory of India and the issues of India so that we propose solutions and investments in India. They need to understand the context for which we are proposing this and that’s why we have brought them to India,” said Ms Nooyi.

The board meeting, which will be held in Mumbai from November 11-13, will be the second time PepsiCo has held its global board meeting outside the US after the first one in Mexico five years ago.

India market

India is a small yet growing market for Pepsi and in the last quarter (July to September) its beverages business grew by 50 per cent over the same period last year.

Last month, Pepsico India Holdings applied to the Foreign Investment Promotion Board to invest an additional $200 million (Rs 950 crore) as equity in its India operations. Ms Nooyi is expected to be in India for a week and would be leaving the country on Friday after attending the global board meeting.

Also visiting

Dr Daniel Vasella, Chairman and CEO, Novartis AG, will also be in the city for the board meet. The PepsiCo board includes Ms Shona L. Brown, Senior Vice-President, Business Operations, Google Inc; Mr Ian M Cook, President & CEO, Colgate-Palmolive; Mr Victor J. Dzau, President and CEO, Duke University Health Systems; Mr Ray L. Hunt, CEO, Hunt Oil Company; Mr Alberto Ibargüen, President and CEO, John S and James L Knight Foundation; Mr Arthur C. Martinez, President and CEO, Sears, Roebuck and Co; Ms Sharon Percy Rockefeller, President and CEO, WETA Public Stations; and Mr James J. Schiro, CEO, Zurich Financial Services.